North Carolina Down Payment Support Systems

Payments Gateway - The North Carolina Housing Finance Agency has two excellent plans for First Time Home Buyers. These programs will be the deposit Assistance Program and also the Mortgage Credit Certificate.

You buy a home between January 1, 2009 and December 1, 2009 and should you qualify for one of the plans, you can even qualify for the $8,000 tax credit merely enacted into law in the Federal Economic Stimulus Plan.

First, who's a first-time Home Buyer? A First Time Home Buyer is someone who hasn't owned a house in the previous three years. Here is the same qualifying definition for the $8,000 tax credit.

What is a Mortgage Credit Certificate and Who Qualifies?

A Mortgage Credit Certificate (MCC) is a national tax credit to help home buyers with moderate and low incomes. All home owners can claim an itemized deduction for mortgage interest. The MCC takes this a step farther.

You can claim 20% of the interest you pay on your mortgage as a credit on your own federal income taxes, if you are eligible for the MCC. You are able to save as much as $2,000 on your taxes.

You may have the ability to join this with the $8,000 tax credit if you do qualify for the MCC, for 2009. This would reduce the tax liability of a buyer's by $10,000.

Household income means the “gross income of the mortgagor and every other individual anticipated to reside in the home who's 18 years of age or older.”

The income and house price limitations Durham and Chatham Counties are given below.

MCC Income Limitations 1 Man $61,500 2 Individuals $61,500 3 Individuals $70,500 4 Men $70,500

MCC Sales Price Limits New Home $220,000 Existing Home $210,000

Who Qualifies for Down Payment Help?

The customer just has to pay and the load would pay up to .

This program has more stringent income limitations than the MCC program summarized above. Like the MCC program, it can be utilized in conjunction with all the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The deposit assistance, nonetheless, can not be used in conjunction with all the MCC. That is an either or situation.

House price limits Durham and Chatham Counties and the income are listed below.

Down Payment Assistance Income Limitations

1 Individual $39,950 2 Individuals $45,650 3 Individuals $51,350 4 Individuals $57,050

Down Payment Assistance Sales Price Limits New Dwelling $210,000 Existing Dwelling $210,000